Word: joblessness
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...Friday's jobless number from the Labor Department will quickly become a political football. The Labor Department reported that the widely watched unemployment rate rose to 10.2%, the highest rate since April 1983, as nonfarm payrolls declined by 191,000 in October, down from a revised loss of 219,000 jobs in September. (See photos of Cleveland's struggles...
...economy growing again, things should feel more solid by spring, and that should start working to our advantage," says a senior Treasury official. Friday's report offers some comfort on that front, in that the monthly job-loss number continues to trend downward, and also because the 10.2% jobless rate gives the Federal Reserve little reason to begin raising interest rates anytime soon, which augurs well for economic improvement...
Over the near term, however, the Administration knows it must contend with unpleasant realities, thanks to that unsettling double-digit jobless rate: "We're in for a pretty dark period," says the Treasury official. But, anticipating that, the Administration's strategy has intentionally avoided overpromising. "Obama's numbers hold up because he doesn't oversell," the official says. "We need to be steady and say, We know this will work but it's going to take time. Ultimately we're pretty confident that we did the right things and that it will help...
...Lowdown: There's a certain cruelty to a rise in education costs amid an economic slump: it makes the single most effective tool to help the underemployed and jobless out of their rut become all the more unreachable. Though the government and private donors have stepped in to ease the financial crunch, the runaway costs of higher education threaten to make it unaffordable, especially to those who stand to gain the most from it. As the College Board report makes clear, the real-world benefit of college is not simply academic: the unemployment rate for those with bachelor's degrees...
...Martin isn't alone. With the unemployment rate hitting its highest level in more than a quarter-century, a growing number of the nation's jobless are striking out on their own to pay their rent and put food on the table - some doing freelance and contracting work, others launching full-blown independent businesses...